Citibank Worldwide Securities Services to Use S.W.I.F.T. Communication With Depositary Receipt Brokers.

NEW YORK--(BUSINESS WIRE)--July 9, 1999--

Citibank to Spearhead Industry Task Force to Pilot Settlement

Using S.W.I.F.T.

Citibank Worldwide Securities Services (WWSS), a unit of Citigroup Inc.'s Global Corporate and Investment Banking division, today announced it would extend the use of S.W.I.F.T. (Society for Worldwide Interbank Financial Telecommunication) messaging, enabling issuers of depositary receipts to more efficiently communicate corporate action notices to the broker community. Citibank expects to begin using the service by the end of July.

Citibank has been using S.W.I.F.T. with clearing clients to exchange information regarding corporate action notices such as dividend payments, proxy voting, tender offers, rights issues and mergers.

Ralph Marinello, Director of Broker Sales for Citibank's Depositary Receipt Services explains: "Extending this capability to depositary receipts will result in greater efficiency for all participants in the market." Up to now, instructions have been communicated via written and faxed documents, as well as by telephone. For brokers who trade Citibank depositary receipts, S.W.I.F.T. messaging is expected to:

- Facilitate timely response to corporate action notices through

consistent, accurate information delivery

- Reduce time spent on manual processing

- Streamline processes by eliminating verification and

clarification redundancies

This is the first of several phases in automating depositary receipt trade instructions to enable straight-through processing without manual intervention. Citibank is spearheading an industry task force to pilot depositary receipt settlement transactions using S.W.I.F.T. messaging, with industry-wide launch scheduled for third quarter 1999.

S.W.I.F.T. is the bank-owned cooperative supplying secure messaging services and interface software to financial institutions. In addition to its member banks, users of this service include brokers, investment managers, securities deposit and clearing organizations, and stock exchanges.

Citibank Worldwide Securities Services serves global issuers and investors through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 customers worldwide and has $3.4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, the dominant servicer of global securities and a recognized leader in depositary receipts and agency and trust services. Citibank began offering depositary receipt services in 1928 and today is a market leader, widely recognized for innovation, bringing quality issuers to market and promoting depositary receipts as an effective capital markets tool.

Citigroup (NYSE:C) is one of the world's most global financial services organizations. It provides a broad array of financial products and services to 100 million consumers and corporate customers through its operations in 100 countries. Among its businesses are Citibank Commercial Credit, Primerica Financial Services, Salomon Smith Barney, SSB Citi Asset Management, Travelers Life and Annuity and Travelers Property Casualty.